Market Update: Gold Prices and Currency Exchange Rates
On Saturday, March 1, 2025, gold prices, both foreign and Iraqi, experienced a notable decline in local markets, specifically in Baghdad and Erbil, the capital of the Kurdistan Region.
Gold Prices in Baghdad
According to local market reports, the wholesale price of Gulf, Turkish, and European 21-carat gold was recorded at 592,000 Iraqi dinars per weight for sales, while the purchase price stood at 588,000 dinars. For Iraqi gold, the selling price for one weight of 21-carat gold was noted at 562,000 dinars, with a purchase price of 558,000 dinars.
Retail Prices in Jewelry Stores
In jewelry stores across the region, Gulf 21-carat gold was being sold for between 595,000 and 605,000 dinars. Meanwhile, Iraqi gold was priced between 565,000 and 575,000 dinars.
Gold Prices in Erbil
Similarly, in Erbil, gold prices saw a decrease. The current prices include 24-carat gold at 685,000 dinars, 22-carat at 628,000 dinars, 21-carat at 600,000 dinars, and 18-carat gold at 515,000 dinars.
Currency Exchange Rates
In addition to gold prices, the exchange rates for the US dollar also fell in both Baghdad and Erbil markets. Reports indicate that the dollar price at the struggle and Al-Harithiya stock exchanges decreased to 148,500 dinars for $100, down from 148,850 dinars for $100 recorded last Thursday morning.
Summary of Current Prices
| Item | Price (Iraqi Dinars) |
|---|---|
| 21-carat Gulf Gold (Wholesale) | 592,000 (Sell), 588,000 (Buy) |
| 21-carat Iraqi Gold (Wholesale) | 562,000 (Sell), 558,000 (Buy) |
| 21-carat Gulf Gold (Retail) | 595,000 – 605,000 |
| 21-carat Iraqi Gold (Retail) | 565,000 – 575,000 |
| 24-carat Gold (Erbil) | 685,000 |
| 22-carat Gold (Erbil) | 628,000 |
| 21-carat Gold (Erbil) | 600,000 |
| 18-carat Gold (Erbil) | 515,000 |
| US Dollar | 148,500 (for $100) |
This significant movement in gold prices and the US dollar reflects broader market trends that professionals in the field will want to monitor closely.
